As a co-founder and director of 321Market, Steven Leof advises technology companies looking to start businesses in the UK. Tanager Talks caught up with Steven recently to ask him about the exciting times for tech companies in Britain and what companies should be doing to become UK market ready.
Steven sees the UK, and London in particular, as an emerging centre of entrepreneurship that has the advantage of being backed by the government, incubators and large corporations looking for sources of innovation. As well as being an established financial centre, London has the advantage of being both a concentrated market while also serving as a gateway to Europe.
According to Steven, the biggest mistake a market entrant can make is to bring over a model that worked somewhere else and expect it to work here. As an example, he talks about a well-regarded Latin American company that approached the UK as if it was the US where they had been very successful. As Steven notes relationship development, sales process, distribution channels and a host of other variables work very differently here.
To become market ready, Steven advises entrants to come here, analyze the competition, talk to potential partners, customers and distributors and develop a plan specifically made for the United Kingdom.